Cross-Blockchain Asset Purchase via Automatic Wallet and Swap
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Solution Overview
Problem
Users of one blockchain are unable to purchase assets like NFTs on another blockchain without creating a wallet for the target blockchain or exchanging their digital currency, requiring manual intervention and exposing their transaction credentials.
Innovation Solution
A cross-blockchain transaction processing system that automatically creates target blockchain transaction credentials using an initial seed of entropy, facilitates currency exchange transparently, and executes transactions without exposing the user's credentials.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a user wants to purchase assets on another blockchain, then they can access cross-blockchain functionality, but they must manually create a wallet for the target blockchain and exchange their digital currency
Solution Approach 1:
The system automatically performs wallet creation and currency exchange operations without requiring user intervention. The smart contract self-manages the entire cross-blockchain transaction process, including generating target blockchain credentials, executing currency swaps, and transferring assets, thereby eliminating manual operations while maintaining cross-blockchain versatility
Solution Approach 2:
The system pre-generates target blockchain transaction credentials and pre-arranges currency exchange rates before the actual asset purchase occurs. By preparing wallet credentials and locking in exchange rates in advance, the system eliminates the need for users to perform these operations manually at the time of transaction
2Ease of operation
If a user manually exchanges currency and creates wallets, then they can control the transaction process, but their transaction credentials are exposed
Solution Approach 1:
The smart contract acts as an intermediary between the user's source blockchain wallet and the target blockchain. The contract receives credentials temporarily to execute the transaction, then immediately destroys them after use. This intermediary approach allows the transaction process to be controlled automatically while preventing credential exposure, as the smart contract is the only entity that handles the credentials and destroys them afterward
3Object-affected harmful factors
If automated transaction processing is implemented, then user privacy is maintained, but the system complexity increases
Solution Approach 1:
The smart contract serves as a trusted intermediary that automates the entire transaction flow. It temporarily holds credential information during execution, performs the currency exchange and asset transfer automatically, then destroys the credential data. This intermediary mechanism enables automation while protecting user privacy, as the contract handles all sensitive operations without requiring users to manually expose their credentials
4Device complexity
If manual wallet creation and currency exchange are required, then system simplicity is maintained, but transaction time increases
Solution Approach 1:
The smart contract automatically executes wallet creation, credential generation, and currency exchange operations without requiring user intervention. The system self-manages the entire cross-blockchain transaction process, including generating target blockchain credentials, executing swaps at locked-in exchange rates, and transferring assets, thereby eliminating the time users would spend on manual operations while maintaining system functionality
Data Source
AI summary
A user operating an endpoint app chooses to obtain a blockchain-based asset on a target blockchain. The user does not have blockchain transaction credentials for the target blockchain, but does have blockchain transaction credentials for a source blockchain. The endpoint app hierarchically creates target blockchain transaction credentials for the user, using an initial seed of entropy that was used to create the user's source blockchain transaction credentials. A backend component automatically obtains an amount of target blockchain cryptocurrency sufficient to obtain the blockchain-based asset on the target blockchain, in exchange for source blockchain cryptocurrency of the user. The obtained target blockchain cryptocurrency and the hierarchically created target blockchain transaction credentials are used to automatically obtain the blockchain-based asset on the target blockchain, such that once the transaction is completed, the obtained blockchain-based asset is registered to the address of the user's hierarchically created target blockchain transaction credentials.


